Our Canonbury solicitor has spotted an inconsistency when comparing the surveyor’s assumptions in the valuation report and what is revealed within the legal papers for the property. My lawyer informs me that he is duty bound to ensure that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s stance appropriate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
In what way does my ID and proof of funds have anything to do with my conveyancing in Canonbury? Why is this being asked of me?
Canonbury conveyancing solicitors and indeed property practitioners accross the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill less than 3 months old).
Confirmation of the origin of funds is also necessary in compliance with the money laundering statutes as conveyancers are required to check that the monies you are using to acquire a property (be it the exchange deposit or the full purchase price where you are a cash purchaser) has originated from legitimate source (such as employment savings) and is not the proceeds of illegitimate behaviour.
we are a couple who decided to purchase a 2 bedroom flat in Canonbury with a residential mortgage from Nationwide Building Society.We use our Canonbury conveyancing lawyer but Nationwide Building Society says he's not listed on their "panel". we are left little option but to use a Nationwide Building Society panel firm or retain our local solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Nationwide Building Society use our lawyer?
No, not really. The loan issued to you is subject to its various provisions, a common one being that conveyancers must be on the Nationwide Building Society conveyancing panel. in the past, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Nationwide Building Society
Two weeks ago we had a mortgage agreed in principle with Skipton. Canonbury conveyancing solicitors are selected. How long does it take for Skipton to send the offer to the property lawyer?
There is no definitive answer here. Have Skipton completed the valuation? Have you advised Skipton as to your lawyers' details and checked that your lawyers are on the Skipton conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am due to exchange contracts on my house. I had a double glazing fitted in February 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Co-operative are being difficult. The Canonbury solicitor who is on the Co-operative conveyancing panel is saying indemnity insurance will be fine but Co-operative are insisting on a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Yorkshire BS have agreed my home loan in principle, my offer on a house in Canonbury has been agreed to, now what?
Your estate agent will want to know who your solicitors are (ensure that the solicitors are on the lender’s approved list). Telephone Yorkshire BS or your financial adviser and complete any relevant paperwork. Yorkshire BS will appoint a valuer who will get in touch with the selling agent or vendor to schedule an appointment. Once carried out (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Yorkshire BS will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Canonbury.
Various internet forums that I have frequented warn that are the main reason for stalling in Canonbury house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Canonbury.
Our estate agent has suggested using their conveyancing practitioner for the conveyancing in Canonbury - Surely it’s easier to just instruct them?
It is worth checking if the selling agent is recommending a solicitor or introducing to a lawyer. There are plenty of Canonbury estate agents who recommend two or three Canonbury conveyancing firms and get nothing from it.